All Forum Posts by: Lien Vuong

I dont have any feedback for turn key REI but lots of experience with 1031X and my suggestion for you is to make sure you have a good idea of the exchange you're going into or at least the category of homes or type you're aiming for. That will make it easier once your property is UAG to identify the next one. Another aspect that's important is to communicate to your relinquishing property buyer (Boston condo) that you're going be doing a 1031X and that they can offer you flexible closing time. The 45 days identification time sometimes presents a challenge and if you dont give yourself a little wiggle room you might end up buying something you dont necessarily want/like.

The rental season in Boston is definitely slower now so hang right or make some price adjustments, I'm sure the right tenant will come!

Adding the 1 & 2 bed option is a great start, have you looked at pricing and dropping it further than your peers? You can explore bedroom rental also as opposed to the entire unit with 1 party but that is more complicated for management. Another lever you can pull is marketing the units in a different way if you havent explore getting professional photos done or styling the unit further with a professional decorator. Best of luck!

Hey there, welcome! Im in the Boston area. What type of investing are you doing right now? Feel free to PM, happy to chat!

Incredible story and I'm so glad you shared it! It's going to give people so much hope. I really commend you on getting started and executing your plan even when the project turned to be something larger than you anticipated. Congratulations on your success and hope to see more of your stories. 

I walked the property this weekend bc its one of the few interesting ones for the past week but you'll have to account for eviction as party of this as there's two units that are tenanted. Additionally the renovation costs are going to be higher as you have to re-draw the floor plans a bit (and add in sprinklers bc its a four fam) but the great news is that you would be able to finish the attic to create larger units on the second floor and get more rents. Overall I felt that it was definitely a good opportunity but for a seasoned investor who's done more than 5 projects or has direct relationships with contractors or is a contractor themselves. My calculations were that the first two units would get $2200 for 2 bed rents and you can create 4 bed 2 baths on the second level getting $3500 rents. 

Welcome to the BP community!

There's DACA/MassHousing programs and other local banks that definitely can assist with down payment programs which I think would be helpful for you. What you'll need to do is call local banks (Cape Ann Savings is a great one) that has special local loans that help home buyers with their first home purchase. Getting a sense of that and your budget would be the best place to start!

 This is the answer. Heloc has nothing to do with your gains. Simply, its purchase price v sale price. 

Congrats and thank you for sharing your story! Are you looking to expand mostly in NY area or Boston?